DBM Cancels 884 Loan Cases, Worth Rs 192.1 Million

As of June 30, the Development Bank of Mauritius (DBM) approved the cancellation of 884 overdue loan cases totaling Rs 192.1 million. Among these, 126 cases involve borrowers from Rodrigues, amounting to Rs 20 million. Of the total canceled loans, Rs 71 million relate to 313 cases of deceased borrowers, including 30 from Rodrigues, representing Rs 4.4 million.

This information was disclosed recently by Prime Minister and Finance Minister Navin Ramgoolam in a written response to Parliament.

He provided details on the progress of the loan amnesty program managed by the DBM. The scheme aims to reduce financial burdens for farmers, fishermen, micro-entrepreneurs, and others in Mauritius and Rodrigues with overdue loans older than 20 years or loans of deceased borrowers.

Launched in the 2021-2022 Budget, the amnesty program initially focused on supporting struggling farmers and fishermen.

It was paused in 2022-2023 but revived in the 2023-2024 Budget with expanded criteria.

The new version includes micro-entrepreneurs and long-standing loans, and the extension has been continued into 2024-2025 to speed up case processing.

Currently, 23 cases remain pending, including 15 from Rodrigues. The Prime Minister confirmed these are actively being processed.

The initiative is aiming to clean up DBM’s accounts while providing relief to vulnerable sectors, especially agriculture and small businesses.

Source: Defi Media